Joint ventures

Abstract

[Extract] The term 'joint venture' is not a technical one with a settled common law meaning. It connotes an association of persons for the purposes of a particular trading, commercial, mining or other financial undertaking or endeavour with a view to mutual profit, with each participant usually, but not necessarily, contributing money, property or skill.

The term has been used to refer to a joint undertaking or activity carried out through an arrangement other than a partnership, such as a contractual association, a company, a trust, an agency or joint ownership. The focus here is upon persons in unincorporated associations, which are not partnerships, as the rights and obligations flowing from this form of joint venture are now being considered by the courts.